January 13, 2012

The Real Oil Shock

In 1993, James Carville, President Bill Clinton’s political strategist, said that “if there was reincarnation,” he’d like to return as the bond market, because then he could “intimidate everybody.” Today, with interest rates historically low, the fantasy of choice would no doubt be to come back as the oil market, which intimidates even the U.S. government.

Big news today from Iran, confirming once again that the hapless regime in Tehran proceeds down its death spiral. The first is the spectacular collapse of the national currency, which has lost 35% of its value since September.... more ››

Several clocks are simultaneously ticking in the Middle East. We can still dare to hope for a last-minute miracle - and we can be certain that there are plenty of well-intentioned people working tirelessly behind the scenes to... more ››

THE SIGNALS coming out of Tehran are as mixed as ever – on the one hand sabre-rattling threats to seal off the Strait of Hormuz, through which a third of the world’s seaborne oil passes, and then, on Saturday, an... more ››